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26 June 2025

Smart Contracts (Glossary)

Automation Blockchain Crowdfunding and finance Digital transformation Sanjay Sauldie Glossary

The term smart contracts is particularly at home in the areas of blockchain, digital transformation, crowdfunding and finance.

A smart contract is a digital contract that is stored on a blockchain. Unlike conventional contracts, it works automatically: as soon as predefined conditions are met, the contract is automatically executed - without any intermediary such as a notary or lawyer.

Example: When buying a concert ticket, a smart contract can be programmed so that the ticket is only transferred to the buyer once the payment has been successfully completed. Once this has happened, the transaction is recorded in the blockchain and nobody can change it afterwards.

This makes smart contracts particularly secure and transparent. They also save time and costs, as many steps are automated. Their use simplifies and accelerates many processes in the world of finance, as well as in digital marketplaces and e-commerce.

Smart contracts are seen as an important basis for the further digitalisation of business processes and offer new opportunities for companies and private individuals to conclude contracts more securely and efficiently.

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Sanjay Sauldie

Sanjay Sauldie is a digital strategist, speaker and developer of the transruption toolkit, which companies can use to make their digital transformation measurable, human and sustainable. With kiROI - the AI-based approach to value creation in the digital age - he helps self-employed people and companies to integrate artificial intelligence into their processes in a practical way. With his outstanding marketing strategy iROI, he has already led countless companies to greater visibility and thus more profits. He combines digital innovation with disruptive thinking models for a sustainable business strategy. He studied mathematics and computer science at the University of Cologne, completed a Master of Science in Digital Disruption at the University of Salford (UK) and a Design Thinking programme at MIT/EMERITUS Singapore. As a multiple award-winning expert - including the Golden Web Award and the Innovation Award of the Initiative Mittelstand - he advises SMEs and corporations. His motto: "Digitalisation is not an end in itself - it must serve people."

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